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prices for december. investors are waiting for news on debt ceiling talks and federal reserve chief said the loss should be scrapped all together and outgoing secretary tim geitner urged action. he warned again that the treasury would run out of extraordinary measures by february to keep the government paying bills on time. the u.s. officially hit the debt ceiling set by congress on december 31st. facebook is inviting the media to an event to come see the building. there is speculation they will be unveiling their own smart phone. it could be a new search imagine that will tap into friends's suggestions and take on google. >> what the world needs. another smart phone. >> thank god. >> we all have our smart phones. >> we need a bigger table. >> if it's good and it takes my friend's suggestions, buy it. >> i take my friend's suggestions. i want to take them. >> we have been talking about the cover of the daily news and talking about the new ap from the national rifle association. just a month after. >> here came up with this. >> completely missing the one-month anniversary. >> that are we
the doomsday scenarios were bad under the fiscal cliff, just wait for what's coming next. >> the debt ceiling talks are under way. president obama warns the dire consequences if congress fails to raise our borrowing limits. in tonight's reality check, sam brock explains why most people should just take a deep breath. sam? >> raj, it would be therapeutic if nothing else. there is certainly little refuting the failure to raise the debt ceiling would send shock waves through the economy both national and global. that being said, president obama only fanned the flames today painting a picture of government catastrophe based on the facts seems a bit trumped up. >> ladies and gentlemen, the president of the united states. >> reporter: in the first press conference of his second term, president obama wasted little time scaring the day lights out of millions of americans who rely on government paychecks for one service or another, of the consequences of a u.s. default. >> may not be able to pay our troops or honor our contracts with small business owners. food inspectors, air traffic controllers, spe
, and there talking to aides, they get -- that's up for negotiation. but they want it separated from debt ceiling. >> let's talk about this debt ceiling thing, howard. do you think the press objectively can report the way the president tried to sell it, which is if this government can't pay its debts, refuses to pay it because of the debt ceiling, is that the republican decision or is it going to be played, conflict in washington, gridlock, both parties to blame? >> well, the president said in the press conference i think people will blame all of washington, but he didn't mean it. and he doesn't believe it. he thinks, and i think rightly thinks, that the political onus will be on the republicans. the president said we aren't a deadbeat nation, which is one of many great quotes in that press conference. >> i like that word, deadbeat. >> we aren't a deadbeat nation, and he said the republicans will turn us into a deadbeat nation if they do what they're threatening -- >> if somebody else objects to the question, if there's a different answer, i'll accept it. did the democrats ever play the game of n
for the president's dilemma on the debt ceiling. >> the final press conference was held this morning and he talked about the debt ceiling announcing if congress doesn't work with him and raise the debt ceiling america will go into default on the loans and we might have to sell florida. so, take goodbye to nanna and papa. >> you can see jimmy kimmel at the new time following the abc7 at 11. >> and the story behind a baby panda high five that >> on the 4th anniversary of the miracle on the hudson, "sully" sullenberger joins katie couric for a great day and reunited with the passengers he saved in the incredible emergency landing on new's hudson river. >> of all people to be piloting that day, thank god, sully, it was you. sometimes i get on a plane and i am like, sully? anybody named sully on this plane? >> i appreciate that. when i travel as a passenger i have people recognize me and they say i feel better knowing you are here. >> we feel the same way, too. that is katie at 3:00 and you can hear more right here on abc7. on abc7 news at 4:00, a hand's on lesson, high school students get an opportuni
cell in front of this month's the debt ceiling talks? >> the markets rallied at 5%. do not sell short-term perry ed >> the time is now 9:18 a.m.. we will get a little warmer today but it's still is a very cold start. >> oakland is in the lower 40's. concord is still cold at 34 degrees. little more this is a degree above the freezing mark perry at there is still a lot a cold spots in this morning. if this is especially alta the delta. we do have widespread 30's. it is clear and cold and we did have to watch out for some frost and black eyes. it will be a little milder today perry ed it will not be as frigid this afternoon. the major factor why it is colder today is because we do not have the wind. we do not have win it allows the temperatures to drop. >> here is your future cast forecast. but royal below states that will still be in the 40's and than by noon we will get into the '60s. this will change for the next couple of days. by 8:00 p.m. tonight you will notice that we do have blue which means will be in the 40's. tonight you will probably sit a little difference and will not be a
ceiling, he talked in essence how irresponsible it was to raise the debt ceiling. what in the world happened between then and now? why does somebody responsible for something raise the debt ceiling that wasn't before? what's the difference? >> i think that the president was terribly irresponsible, to say he's not talking about it because he's above it to blame congress, in part congress creates this problem, but we're going to solve this problem. i got elected to uphold the constitution and leave this country better than how we found we can't keep spending our kids inheritance, can't keep spending their money, we don't have it. >> greta: apparently he has threatened, i think his statement, at least people-- that in the event, congress doesn't authorize to raise that debt ceiling that he will do it unilaterally himself and he thinks he has the authority. do you >> absolutely not. under the 14th amendment of the constitution you can only do this as authorized by law and law is only created through the united states congress. so the president has absolutely no ground to stand on, absol
-recipient of something. host: all right, steve. we will keep talking about whether the debt ceiling is negotiable. the politics in the nation section of the washington post, or u.s. troops lost a suicide ban combat in 2012. record high of 349 deaths. that is a headline in a lot of the papers this morning. on gun-control, it's making the headlines in a lot of papers this morning. political reports that joe biden, white house ready is 19 executive actions on guns. the president indicated yesterday that he has indications -- as recommendations in hand and that he will look at them. there's a new gallup poll, americans dissatisfaction with gun laws spikes to 38%, 38% of americans being dissatisfied with the nation's gun laws scans wants them strengthened. if that is up from 25%. the wall street journal reports this morning, jill biden's gun goals have a wide reach. in the washington post there's a new poll. and the new york times or rather new york state is poised to become the first in the nation to react to the newtown, connecticut, shooting. state senate yesterday approved legislation put forth by
's talking about. >>> gene spurling with his feelings of the debt ceiling standoff. >>> what's another two more minutes. 6 stocks in 60 seconds when "squawk on the street" returns. at farmers, we make you smarter about insurance. because what you don't know can hurt you. what if you didn't know that boxes by the curb... make you a target for thieves? or that dog bites account for a third of all home liability claims? what if you didn't know that one in seven drivers is uninsured? and that grease fires have to be smothered? the more you know, the better you can plan for whats ahead. get smarter about your insurance. ♪ we are farmers bum - pa - dum, bum - bum - bum - bum ♪ >>> good morning. we have a phenomenal next hour of the program for you. talking veterans and gun policy with walmart. we'll have mel karmazin since he left sirius, xm. guys, back to you. >> thanks so much, simon. let's get "six in sixty." we'll begin with cliffs. >> i can't believe it. 7% yield. this is an iron ore trade. >> deutsche cuts pan america. >> these miners are consistent. >> vail. >> thank you. jpmorgan sai
a press conference today. he wanted to talk about the debt ceiling and about the gun control a little bit. he has positive words that are encouraging for those of us who believe he should fight harder. let's listen. >> obama: i want to be clear about this. the debt cereal something not a question of authorizing more spending. raising the debt ceiling does not authorize more spending. it simply allows the country to pay for spending that congress has already committed to. the issue here is whether or not america pays it's bills. we are not a debt-deep nation. >> cenk: i like it. now normally i say it should have been stronger, but it was pretty strong and he made his point very good. it continues. >> obama: this is not an implicatedcomplicateed subject. you don't go out to dinner, eat all your want, and then leave without paying the check. if you do, you're breaking the law. and congress should think about it the same way that the american people do. >> cenk: i like it, man. i do. that's exactly right analogy. you know, of course, i'd go further, but i would every time, right? i'd say list
been very clear. he's not going to negotiate on the debt ceiling. >> that's how politicians talk. at the end of the day negotiations will have to happen. >> he has to? >> you're not al lone in being wildly bullish right now and i think -- i know that's affecting your investment philosophy, the fear indicator, the vix, at at 52-week low and moving lower. with retoo complacent and expecting too much from the stock market right now? >> short term, as we talked about the holding pattern with the continuous fractiousness in washington, you're going to have that volatility index rise. we see that coming in february and march but then it holds itself. more money coming back in. the biggest concern in the market is not the equity market. it's rising yields. it's rising treasury yields. it's the first year of the potential of three or four years in a row which we should see rising treasury yields. >> like i said, he's not alone with that, and you think there is big complacency. >> tremendous complacency. fun flows into mutual funds. the retail investors are finally entering the market. th
wants to have those talks separate from raising the debt ceiling. >> while i am willing to p compromise and find common ground over the deficit we cannot afford a debate about whether or not they should pay the bills they have already racked up. congressional republicans refuse to pay america's bills on time social security checks and veteran's benefits will be delayed. >> we are not going to do it without putting in place a spending reform. these cuts promise to transpire but never do are not going to do the job any more. >> senate republican leader mitch mcconnell wanted to say the president needs to get serious about it. you can see the battle lines clearly drawn in washington. >> also pointing out in 2006 president obama then senator voted against raising the ceiling. >> they discussed his time spent in prison whether he feared for his life and what the first moments were like for him. >> i came in the prison around 3 in the morning. initially there's some pressure put on me. they tried to export money from the family, but the american consulate was contacted and they moved me out o
with you. to reduce the debt ceiling, we talked to businesses outside of new york, if we don't raise the debt ceiling, it's a potential, reality for wrecking -- >> that's the wrong time. >> the debt ceiling is the wrong time to do it. >> saying you can't do it with the debt ceiling, can't do it with the fiscal cliff, can't do it shutting down the government. all i'm talking about, the president of the united states has absolutely no is in no position to talk about who's being reckless with the debt. the real default has come from his lack of leadership on deficits and debts. the federal deficit has been over a trillion dollars all four years he's been president of the united states. he's done absolutely nothing to curb the costs of these programs that will, according to democra democrats -- >> hmm. >> bankrupt us. what has harry reid rand democrats done in the senate? absolutely nothing. how many days since they passed a budget? >> 1,357. >> 1,357 days since democrats have passed a budget in the united states senate. >> let's talk about that lack of leadership so many people have cri
the debt ceiling, and talking about defaulting which is what the consequences if the president's truly stubborn the congress is truly stubborn you get a default. at that point the pressure in the congress becomes a dead loser. all these different groups come together and say you have to pass this. i don't think we should pick fights where we are in a position where we can't, in fact in the end force our will. we have no evidence that barack obama will compromise. nothing he's done in the last couple months would imply that he's going to compromise. >> therefore do you agree that the president is right no in the negotiating? >> no, i think the president's wrong but it's a fact. i think this president is deliberately seeking confrontation, i think he's going out of his way to bully the house republicans and i think the house republicans ought to pick the continuing resolution and the sequester, which are places where they're totally within their grounds. they don't have to pay for any of this -- >> what is your position on that, offer say to the president we wil
in office. he talked about the debt ceil saying if congress does not work with him to raise the debt ceiling america will be in default and we my have to sell florida. >> watch jimmy kimmel live weeknights right here on abc7 at the new time following abc7 news at 11 and "nightline" is on right after that. >> lebanese -- leave disneyland and the cracked crab >> welcome back on the 4th anniversary of "miracle on the hudson." "sully" sullenberger joins katie about the incredible emergency landing. >> of all people to be piloting that lane, thank goodness it was you. i get on a plane and i think, sully? anyone named sully on this plane. >> i appreciate that and when i travel as a passenger i have people recognize me and they say i feel better knowing you are here. >> i look for him in the cockpit, as well. that is katie at 3:00 p.m. right here on abc7. >> good show. >> 5:23. great mighting that day. amazing to see the pictures. >> now, outside, it is darn cold. >> do we want do? mike, what are we facing? >> freezing temperatures in a lot of areas but this afternoon we are going to chip away at t
it meant to raise the debt ceiling f.congress raises the debt cell what does it do. puts us more in debt. >> it allows him to borrow more money. >>reporter: half the people we talked to had no idea what the debt ceiling was. she blamed lawmakers. >> i believe honestly they make things purposely confuse to go do whatever they want. >>reporter: so if the president wants to turn up the heat on house republicans he has to make the issue clear and as bruce explains, republicans need to decide if they really want to stand their ground on this issue at the risk of economic down tivrnlt i think a lot has to do yes tea party you want to make a case is this the time to do it and right way to do it. that i think is boehner responsibility to explain that to his caucus members. my unitsing that's what he's planning to do over the next couple days. >>reporter: tea party express issued a statement saying it's completely irresponsible for the president of the united states to demagog this issue. the president will have big opportunity to speak to the nation on this if he chooses t to. inauguratio
to talk about the debt ceiling -- >> stephanie: huh oh. >> caller: they want to -- hello? >> yeah. >> stephanie: okay. go ahead. >> we hear ya. >> caller: all right. you know what that was? it was somebody calling in to tell him he was on the "stephanie miller show." >> hey, you are on the radio! >> stephanie: hey, guess what you are on -- >> ermahgerd. >> stephanie: somebody call chuck and say that they apologize. all right. twenty-nine minutes after the hour. right back on the "stephanie miller show." ♪ woo-hoo, woo-hoo ♪ i think the number one thing that viewers like about the young turks is that we're honest. they know that i'm not bs'ing them with some hidden agenda, actually supporting one party or the other. when the democrats are wrong, they know that i'm going to be the first one to call them out. they can question whether i'm right, but i think that the audience gets that this guy, to the best of his ability, is trying to look out for us. ♪ >> announcer: stephanie miller. >> come on let's face it your entire job could be done by a -- a bulleton board.
in office. talked pose i about the debt ceiling. he announced if congress doesn't work with him and raise the debt ceiling will america will go into default and we might have to sell florida. say goodbye to nana and pop pop. >> chimpy up next. >> the morning news starts at 4:30 appreciate your time have a good night. a good night. >> good night "jimmy kimmel live"! tonight ellen degeneres. the bachelor sean lowe. and music from onerepublic. with cleto and the cletones. and now from this point on, here's jimmy kimmel! [ cheers and applause ] >> jimmy: welcome. hi, i'm jimmy. i'm the host. thanks for watching. thank you for -- raising the arctic 50 degree weather to be here tonight in hollywood. very kind. i do appreciate
, nicole. >> hey, tracy and lori. we were talking about the debt ceiling that is something that moved front and center very quickly and will remain right in front of every day's trading in the minds of investors and the traders here on wall street. today the dow is down about 12 points after being higher four days in a row. the s&p has been lower. we had the back and forth action, much of the same today. when i talk to traders about the action we've seen, sometimes they're saying that the moves to the downside haven't been decisive. which then tells them that maybe the market needs to test recent highs before it can really sell off. trying to move lower and it can't. be wary of highs that sell into the profits. let's look at apple, a name we can focus on. nomura cut the price target. they reduced to 530 from 660. right now 487.16. these are the lowest levels since basically february of 2012 and obviously they had to cut their supply orders. back to you. tracy: you said yesterday, ubs kept their 700 target as well. people still have confidence in apple. lori: maybe an entry point around belo
for the leverage in the upcoming fights over medicare, medicaid and entitlements and talking about the debt ceiling as beverage and then the continuing resolution funding the government and coming up for exwe ration in march and going up to the deadline, past that deadline, it is not good, results in a government shutdown, a temporary government shutdown and nowhere near as catastrophic in terms of debt default. do you sense that's where the debate is shifting? republicans more likely to take a stand along the continuing resolution than the debt ceiling? >> they're backing off from this notion we are not going to prove the debt ceiling. i think the reason is as opposed to the fiscal cliff where kind of corporations and the republican intellectual establishment when's left of it sort of saying, you know, do a deal. come together. rise above. all that sort of stuff but not really getting in to the specifics, now you have the corporate world, the business roundtable, the u.s. chamber of commerce, "the wall street journal" editorial page saying this debt ceiling thing and the ability of the government
, where there will be no talk of retreat, but where john boehner will explain the debt ceiling and get his caucus to understand, where it will be economic suicide to go all in and default. at his news conference, president obama explained the debt limit to the american public and the political media this way. >> congress authorizes spending. they order me to spend. they tell me you need to fund our defense department, at such and such a level. you need to send out social security checks. you need to make sure that you are paying to care for our veterans. they lay all of this out for me. and because they have the spending power. and so i am required by law to go ahead and pay these bills. separately, they also have to authorize the raising of the debt ceiling in order to make sure that those bills are paid. and so what congress can't do is tell me to spend x, and then say but we're not going to give you the authority to go ahead and pay the bills. >> the economist made a laundry list of what would happen if congressional republicans refused to raise the debt limit. failure to raise the debt
episode of what happens if we don't raise the debt ceiling. give us the idea of what the latest talk in washington is of what may or may not happen. >> we got a call from the head economist for j.p. morgan, and we asked about treasury debts. what if it was not as secure as we thought. it would be like the painting of hell. people need to think about that. when you try to understand what is going to happen, if the white house is able to follow through on not negotiating on the debt ceiling, which i think they actually will be able to do. the president is backing himself into a corner, where he said so many times he wouldn't be held hostage, if he did, it would undermine his credibility. he sod he would negotiate, because it would essentially troy him in office. when it -- when it becomes clear to republicans, on the obligations to social security, pensioners to folks who need the defense department payments, they're going to see the financial sector, the economic sector, every defense contractor, the arp, every interest group and not just interest groups but pretty much every business
we saw at the beginning of the year as we get closer to that debt ceiling which we just talked about. now, the ftse cnbc global 300 gives us an insight as what we've seen overnight. we are up off session lows. asia did reasonably well. europe, ooefb trying to make sense of a lot of data this morning. bourses still mostly to the upside. the ftse 100 adding .1% there as inflation has been just about as expected for the month. the xetra dax is fractionally higher, this despite the fact that german gdp was weaker than expected in the fourth quarter. the cac 40 adding .25%. the ibex 35 down 0.3%. ten-year yields are back above r5% this morning, although they have come off session highs, ross. >> just to remind you with where we stand with bond markets ahead of that. we had a t-bill auction, yields continue to go fall below 1.8%. so that just perks things up. spanish ten-year yields just above 5%. now just reverses 4.16% is the yield and inflation data out of the uk coming in exactly as expected, really, on the cpi measure, rpi slightly weak. on the currency markets, euro/dollar, 1.34%. do
will negotiate a solution to the other fiscal issue that is are almost simultaneous but talking about the debt ceiling, what? he'll stop participating? given that this is traditionally been a bargaining chip, traditionally been something that the parties negotiate over, i have a hard time he'll be able to maintain a hard line. >> speaker boehner said he would stop participating in talks directly so i mean the threat is out there. real quick, governor, i have to bring you to the markets and this agency, a second agency, fitch, now warning that it could, all of this could affect the credit rating for the united states when folks start looking at what's happening on wall street, when they hear this threat of credit issues or credit rating for this country. being downgraded. does that expedite the talks here or get even talks started? >> well, i think the president did a great job politically putting the republicans on the spot. if they are the ones who cause us to not meet our debt obligations, i think they risk, again, political retribution and losing the house in 2014. but on the other hand, th
it happening in more places. >>> the president talked forcefully he will not negotiate about the debt ceiling. let me play what one of your republican colleagues told me about that yesterday. >> would you be willing if you don't get the cuts that you think are necessary, would you be willing to go into default or shut down the government? >> i think there is a way to avoid default, if it requires shutting down certain portions of the government, let's like at that. >> are you worried about a shutdown or worse, are you worried about default? >> i'm worried about both. default is like saying i ran up my credit card and now i'm not going to pay you it's going to be bad for the united states. i think we need to pay our xwils. that's the first thing. with respect to shutting down the government so we save money. we know anytime we shut down the government, we actually spend more money in the long run. i do believe we need or national parks or rangers there. i do believe that it is important for us to ramp up our transportation to fill those potholes, to make those connectors, to give money to am t
today talking about his tone talking about the debt ceiling. here is the prident. >> the debt ceiling is not a deal of authorizing more spending. raising the debt ceiling does not authorize more spending, simply allows the country to pay for spending that congress has already committed to. gerri: what do you say to that? speaker he is gearing up for a partisan brawl. his press conference today was a little hypocritical because whe he was a senator in 2006 and george bush wanted to raise the debt ceiling he said no and called george bush failed president. gerri: one of the reporters got up and said only a few years ago you were saying that this kind of fight makes no sense, would have to have fiscal discipline. what do you say to this? speak of the president has been the beneficiary of large increases in mandatory spending because two-thirds of the spending is mandatory so he doesn't have to pass bills increase spending. the public is not aware of it, spending now 24% of gdp historically 20% of gdp. gerri: and deficits far as the eye can see. clearly this is a situation that cannot co
we've heard him say many times before, that he is not going to negotiate on this debt ceiling, that he's prepared to talk about spending but if he does, it's not going to be around this. so why have the news conference? >> well, what happened was in recent days the discussion around the debt limit had really intensified basically on two fronts. you had what really concerned the white house was that the republicans were increasingly beating on this drum that they were going to use the debt limit fight to extract spending cuts. they were going to use it as leverage in some of these upcoming budget debates. on the flip side of that, there were some republicans who were just talking in a way that was very casual about what would happen if the u.s. decided not to raise the debt limit and defaulted so some of its obligations. that raised alarm here at the white house. then on the other side you had democrats who were pressuring the president to find a way to unilaterally raise the debt ceiling through executive power. what the president tried to do today was squash all of that and s
dermott's reaction to the president's tough talk on the debt ceiling. e.j. dion and ruth con connaught on whether the republicans will actually listen. >>> one month after sandy hook, he has the president's gun recommendations. >> will spineless republicans kill reform? one threats impeachment if the president signs an executive order on guns. dan gross of the brady campaign is here with reaction to the president's comments that the nra is joining up fear to sell guns. >>> and former secretary of state colin powell calls out republicans on race. >> there is also a dark -- a dark vein of intolerance in some parts of the party. >> dr. james peterson janes me to discuss the republican response. >> good to have you with us tonight, folks. thanks for watching. president obama took on the single greatest threat to the global economy today, the republican party. the president used the final news conference of his first term to throw down the gauntlet. after years of deliberate confusion by republicans, president obama set the record straight on the debt ceiling. >> now, the other congressionally imposed
republicans. is that what he's trying to do on the debt ceiling debate as well. >> you can the white house adopt a divide and conquer strategy for quite a bit of time. there are 85 house republicans who voted yes on the bill and created the margin it needed to pass. here's the interesting thing of those 85 republicans who voted yes. 70 of them came from blue states. states that voted for barack obama over mitt romney last november. in other words the white house is defending on some of these blue-state republicans. that means if the white house can drive a wedge between the blue state republicans and the red state presence he might be able to get dicey piece of legislation through the house. >> john: it seems to be a strategy. where does the debt ceiling fit into this? it just ensures that we pay the bills that we already spent. why are they talking about the two issues as if they're the same? >> why do they do a lot of things. but the question as that vote approaches in february or march whenever it's going to be, there are two questions actually. number one will boehner let a vote happen
. >> obama held the final press coaches of the first term in office. talked pose i about the debt ceiling. he announced if congress doesn't work with him and raise the debt ceiling will america will go into default and we might have to sell florida. say goodbye to nana and pop pop. >> chimpy up next. >> the morning news starts at 4:30 appreciate your time have a good night. a good night. >> good night
probably be against some of the things he was talking about, particularly the debt ceiling. the senator called it irresponsible to increase the debt. listen to then-senator obama. >> the problem is that the way bush has done it over the last eight years is to take out a credit card from the bank of china in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents. number 43 added $4 trillion by his lonesome so we now have over $9 trillion of debt that we are going to have to pay back, $30,000 for every man, woman and child. that's irresponsible. it's unpatriotic. >>steve: there you've got the president, back then senator, back in the day saying that president of ours, he's running up the bills, and it would be unpatriotic what he's doing. and we cannot raise the debt limit. forward to his administration, and i think this is going to be the fourth time he has asked congress to up the debt ceiling. of course what he said is, i know the republicans want to try to get some sort of spending cuts and stuff like that. i'll deal with it. just not over
talk about the debt ceiling after obsessing over the fiscal cliff, the more i look at the whole thing as a massive dangling the key or, you know, don't look over here at the real economy, which is where people would really like policymakers to be dealing, but look at this so-called fiscal crisis which doesn't even exist. the president very clearly, and i thought helpfully, spelled out the numbers yesterday and actually to get from where we are, given the spending cuts and tax increases that we've implemented so far, to where we need to be to stabilize the debt, is not that heavy a lift if we had a functional politics that was actually paying attention to what needs to be done instead of creating these ridiculous self-inflicted skirmishes and wounds. as you have correctly pointed out, you have even got conservatives spokespeople saying, look, this isn't going to happen, you're not going to do this. we're going to have one of these last minute solutions again. if that is truly the case and if history is precedent, it will be, we really have to ask ourselves about our priorities. >> and
the hour. martha: so debt talks are also heating up now in washington as the national debt is speeding towards the country's spending limit once again, folks. you know what that means. talking about time to raise the debt ceiling, right? president obama warned he will not enter into another game of brinkmanship as he referred to it over the debt sealing with republicans. >> the issue here is whether or not america pays its bills. we are not a deadbeat nation. if congressional republicans refuse to pay america's bills on time, social security checks and veterans benefits will be delayed. investors around the world will ask if the united states of america is in fact a safe bet. the full faith and credit of the united states of america is not a bargaining chip. martha: a lot of talk about the president's demeanor at that news conference yesterday. we'll get into that a little bit more coming up but for now does this really come down to an issue of raising the spending limit or defaulting on our credibility as the president has talked about. let's bring in stuart varney, host of "varney &
. he will join us in the next hour to talk about the debt ceiling debate. "squawk box" will be right back. >>> up next on "squawk box," don't start your day without knowing the names that will make you money. joe has your list of stocks to watch right after the break. >>> all right. put this on. it's traveling wilbur. we've got george harrison for your lead for your song >> no, no, no. >> that's a good one. >> but it's all right. and implied there is being a billionaire. ♪ it's all all right i mean, it's -- it is, right? life is good. >> that's true. it may not play well in washington. >> might not play well in washington. i'm going to actually give some information during this segment. much as i'd -- >> you know, that would be a switch. >> that would be a switch. let's take a look at some stocks to watch this morning. lennar reported fourth quarter profit. 56 cents a share. 12 cents, look at the chart, we're talking about the big year that bill miller had and a lot in housing stocks, and if you went back even further you could have bought that thing even cheaper all the way back a
street lower today.. this morning >>> worry over the debt ceiling is keeping wall street lower today. yeah, but it's up a little bit up 20 points at this point with a little over an hour yet in trading. >>> some big anticipation this morning for facebook's big announcement. ceo mark zuckerberg revealed the social network's new search feature. it's called graph search and enables users to search for information about their online acquaintances. for example, it's possible to look among friends of those who live in a particular city and like a specific movie. zuckerberg says graph search is privacy-aware in the sense that users can only search for content that's already been shared. >>> and this is pretty cool. walmart is vowing to hire every veteran who wants a job. walmart projects it could mean hiring more than 100,000 veterans over the next five years. hiring pledge is good for veterans who are within 12 months of leaving active duty. right now walmart employs 1.4 million workers here in the united states. >>> if you haven't gotten it yet you pr
not raising the debt ceiling or shutting down the government, what have you, is a winner in the court of public opinion? >> well, again, we don't want to shut down the government, but in the court of public opinion, people also know that the federal government and the out of control spending is unsustainable. and large majorities of the american people want us to cut spending, to start making the tough decisions, to balance our budgets, start living within our means. the american people, in their own families, they understand that you have to do that. you have to make the tough decisions. you have to get your budget, you've got to put it in order. and they expect their elected officials and their leaders to do likewise. and that's what needs to happen over the next few weeks, as we approach all of these fiscal debates. >> so you think, it's possible that there could be a shutdown of the government, but you're saying, you don't want to shut down the government? >> no, we don't want to shut down the government. what we want is for the president to get serious. and as i mentioned earlier
heard talk in the republican conference about a one or two or three month extension on the debt ceiling. and on a continuing resolution for the budget to run the government. is that one to three month solution not still on the table? >> well, larry, we're proposing a number of different solution, both short term and long term. frankly, president obama needs to start rolling up his sleeves and focusing on both instead of sitting over in the white house and kind of throwing out all the threats to everybody across the country and running around campaigning as if he's still running for office. you know, the election is over. president obama actually has to start governing and addressing the problems and frankly the spending problem is one of the biggest reasons right now why we're in this dilemma. >> you're still going full bore on the spending sequester? full bore, spending sequester? >> we need to address the spending problem in washington from many different fronts. that's one of those fronts. there are a lot of others. and again, president obama refuses to talk about any of them. he doe
this week, we talked about it, indicated a willingness to do whatever it takes to raise the debt ceiling whether congress goes along with it and now to keep the guns out of hands of people that he doesn't want them to have. even though this is not a federal function and even though he can't change any laws without congress. >> megyn: and that's the thing, executive orders are not to be used to change the law or get around congress's unwillingness to pass the law and that's why we have separation of powers. and you can't go too far with it, if you want to clarify further enforcement, sort of assist an existing hlaw that's one thing, if you want to create an order that cannot be passed you're on dangerous ground. >> two examples, harry truman became president, signed an order desegregating the military and the civilian work force in the federal government. a great thing to do. then he issued an executive order seizing the steel mills so he could have all the steel he needed for the korean war. supreme court said you can do the first one, can't do the second one. the first one complements t
talk-show host, president obama demanding congress raised the debt ceiling. when we come back we will be telling you about the lawmakers who he has informed he will miss his own budget deadline. it is actually a legal deadline, but you know, that is a minor technicality for the salmon restoration. the "a-team" takes up that technicality and more next. stay with us. ♪ lou: let's get to the "a-team" right now. former congressional candidate, fox news contributor. thank you for being here. let's start with the president saying that the issue here is not the second amendment. it's about taking away. what is the deal. why is he not being straightforward? >> because he is president obama, and that is who he is. i saw the rev. earlier talking about the moderator. he blamed the shows. chicago is the murder capital of the world, and the fact is a dove -- does have tough gun laws. the hollies, game makers, they're not going to the gun shows. lou: mentioned why the president has not even mentions the awful murder rate in chicago? much of it very near the neighborhood in which she worked f
in terms of reaching the debt ceiling, yet does science seem locked in concrete. i'm not going to talk about the congress. speaker boehner said it can't be done unless we cut spending at the same time. having watched this for more than 30 years in congress, what are the odds of avoiding going over the cliff given where both parties are? >> the outside that we won't do it. it's not a matter of faith. it's a matter of consequence. i mean, those who say okay, let's toilet, they are toying with the american economy and with the global economy. and so, i think it is somewhat -- it seems brave to talk about doing that, but the closer you get to that cliff, the less likely it is that your fund the u.s. over it. >> one another in a booklet of brian butler and start. let me ask you about tax reform. he told "politico" last week that a balanced approach are facing sequester with spending cuts and revenue should accelerate tax reform and i believe it's fully possible this year for work on a bipartisan basis, unquote. how does that square with the people who say tax reform is going to lose out bec
for president and democrats who claim the republicans are using the debt ceiling recklessly as leverage for spending cuts. worry over the debt ceiling is only a part of the reason for the fitch warning. the agency said even if the ceiling is raised it would likely downbegrade anyway if there is no "credible medium term deficit reduction plan." you will recall that standard & poor's did downgrade the u.s. debt last august after the debt ceiling was raised amidst 11th hour suspense. it was blamed on bringmanship to use the debt creeling to get spending cuts. s&p did cite the melodrama as part of the reason but placed emphasis on the view that the debt ceiling deal fall short in what our view would be necessary to stabilize the government median term debt dynamics. translation, the debt ceiling deal didn't do enough about the debt itself. so keep this in mind when you hear it said,be with great certainty it's the republicans trying to force spending cuts over endangering the nation credit rating. as will rogers quoted once, "it isn'tbe what we don't know that gives us trouble. it's what we
and again, the president repeated the fact raising the debt ceiling only allows for payment of bills that congress has already racked up. but when we went out to talk with residents most had no idea what it was or what it meant. if congress raises it, what does it do? >> puts us in debt. >> ate lous him to borrow more money. >> i feel goitsing to raise prices on everything. >> when explaining what it means, most told us they won't raise it. >> i hope rinz would. i do. >> coming up at 6:00 why he thinks the president did likely to win this one. he'll say what he needs to do before the debt ceiling comes up for a vote. >> clearly a lot of confusion about that. cuba's new law easing travel restrictions began today pechl are taking advantage of it. >> they stood in long lines outside travel agencies and the u.s. interest section.g1u in havana. animalla lifts do not expect a mass exodus but they have questions in recent weeks. >> bee jirngs china facing an air quality emergency. look at the pictures. 62q calling pollution there hazardous saying this is the worst it's been in china. reside
a handle on spending, period? >> i don't agree. 9 debt ceiling is money that has been appropriated by congress. the republicans have agreed to this spending. now what we are talking about is making sure that the government has enough money to pay for t. the republicans, if they didn't want the spending, they should have fought with the democrats to prevent the budgets from being approve in the first place. i think what -- most countries in the world don't have a debt ceiling. when government -- when the congress and their equivalent appropriates the money, the government has the borrowing authority to pay for the imra money they borrow. ben bernanke said yesterday, we have to stop having these dibait overs the debt ceiling, it's a stupid idea. the head of the federal reserve. i think the democrats are frustrated. i think that's why they passed this bill -- >> neil: where was their frustration 7 years ago, when the folk who is were urging this very action today voted against raising the debt ceiling when george bush was president? where was the great constitutional resolve? >> i don
for raising the debt ceiling. it's on them. if they want to take the heat for veterans benefits and social security benefits not getting to people, what game of chicken are we playing here? >> really high stakes game of chicken is what we're playing here. i had the occasion of going back and reading actually the president's first news conference after he became president, and he is talking then about his overtures to republicans and how he hopes he can create habits of good behavior. well, it's been four long years, and that was about the feistiest press conference spurred by nothing other than he just really wanted to send this signal once again. his message was i'm not backing down, and he is getting the message back from republicans that they aren't either. i think we're going to be asking ourselves which side is going to blink for the next several weeks. i don't know that -- i don't feel confident that i know the answer to that question. >> ruth marcus, thank you very much. kristen welker thank you, from the white house. >>> new york state now is the first state to push ahead with what
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